Description:
INVESTMENT INFORMATION: SOLD AND CLOSED
1) 96 unit, master metered property with excellent upside located in the East Aldine district, in an unincorporated area of northeast Houston, TX., in the county of Harris. The area is predominently blue collar workforce housing area. Many small industrial facilities are located in and near the community. Its location on Aldine Mail Route Rd. is inside Beltway 8, just west of Hwy 59 and east of John F. Kennedy Blvd. The district government estimates that the district is 15 minutes driving distance from Downtown Houston, and is in proximity to the Houston Ship Channel, the Port of Houston, George Bush IAH, and Humble. The area is largely made up of homes dating in the mid to late 70's. Approximately 70% of the population in the East Aldine area are renters. The rental occupancy in the area is above average when compared to the city of Houston.
2) The property is highly upgradeable. Some interior improvements a new owner may consider to allow for an additional increase in rents are granite counters, new lighting and hardware package, new cabinets and counters, faux wood flooring. Exterior improvements a new owner may consider are a full paint, gated entrance and exit, replacement/repair of any rotten wood, parking lot repair, additional playground equipment, picnic areas. Landscaping improvements would improve the curb appeal of the property. In addition, a new owner could create additional income by adding some covered parking, a charge back for trash and gas, and by putting a laundry contract in place for the empty laundry room that is on site. The property has eleven units that are non-income producing at this time. One unit is being used for the office, one is used for staff, 4 units are being used for storage and 7 units are down. The occupancy includes the storage units as being vacant but does not include the office or the staff unit as vacant.The property is highly upgradeable. Some interior improvements a new owner may consider to allow for an increase in rents are granite counters, new lighting and hardware package, cabinets, faux wood flooring. Some possible exterior improvements would be to add some covered parking, landscaping improvements to improve the curb appeal, full paint, some wood replacement, add a playground & picnic areas, of the property. There is one laundry room on the property.
3) It is the broker's opinion, that with interior and exterior upgrades and the correction of deferred maintenance, the property could see additional upside in the rents (the subject's rents seem to be below properties in the area that have been upgraded).